Estate planning enables you to plan for tomorrow. No matter what stage of life you’re in, an estate plan can help simplify the transfer of assets to the next generation and protect your beneficiaries. A carefully crafted estate plan provides for the well-being and security of your loved ones upon your death. No matter what your financial situation may be, estate planning can help you protect your assets

Establishing a business and making it a success is not easy. Transitioning out of that business can be even more difficult. The decision to retire or move away from day-to-day management may be one of the most important decisions you will make. A business transition plan is the first step in securing the future of your business and ensuring that your own personal retirement goals are met.

There are many benefits to charitable giving, from the satisfaction of giving back to the community and helping those in need, to the tax credits that can provide significant tax relief during your lifetime and minimize future taxes payable by your estate. Whatever your objective, choosing to support a charity is an important and personal decision that helps not only the charity you choose to support, but you as well.

A power of attorney is a legal document which authorizes another person to act on your behalf. In this context, the term “attorney” does not necessarily mean “lawyer”. You can choose any mentally capable person to act as your attorney, subject to age restrictions that apply in some provinces. It can be a spouse, relative, friend, lawyer, accountant or other trusted individual. You also have the option of appointing a trust company.

With increased life expectancies, you could be spending a third of your lifetime in retirement. While that period of your life may still be a few years away, it is crucial that you accumulate significant retirement savings during your prime working years to support the retirement that you may have envisioned. More and more Canadians are quickly coming to realize that they should be taking steps now to ensure their financial independence in retirement.

If you or a member of your family is facing a permanent lay-off, voluntary early retirement or “forced” early retirement, there are many important decisions to be made—decisions that can have a significant impact on your financial future. There are some major issues that must be addressed at the termination of employment, and we’ve laid out some effective strategies that can help secure your financial independence. Although early retirement is the theme of this Special Report, please note that most of the information also applies to those who are facing their “regular” retirement date.

Many Canadians fail to realize that death can trigger various taxes and other costs payable that may dramatically erode the value of their estate. This report concentrates on some of these major estate liabilities, such as income tax on registered plan assets, capital gains tax, U.S. estate tax, probate fees, estate administration fees, court fees, legal fees and funeral expenses.

Business owners continue to recognize the benefits offered by Individual Pension Plans (IPPs). An IPP may provide higher retirement savings for business owners and their employees who meet specific criteria. An IPP allows business owners to make good use of several business tax advantages, allowing more of their business’ money to be deemed tax-deductible. This makes an IPP the most tax-efficient retirement savings plan on the market. An IPP strategy should be considered within the context of a comprehensive financial and estate plan, with all individual circumstance

An IPP may allow you to accumulate significantly higher retirement assets than an RRSP. An Individual Pension Plan (IPP) is a defined benefit pension plan. The ideal candidate for an IPP is a business owner that is at least 40 years old and earns T4 income. IPPs typically provide significantly higher contributions than those permitted within a Registered Retirement Savings Plan (RRSP), when certain age and income conditions are met, thus providing more tax-sheltered savings for retirement.

Recognizing the dramatically increasing costs of post-secondary education, many people would like to start setting funds aside for children or grandchildren as soon as possible. Regardless of your family circumstances or stage in life ,there are education funding strategies available to suit every need. You may even choose to implement a combination of strategies.

Various types of investment income are taxed differently. From fully-taxed interest income and foreign dividends, to preferably-taxed Canadian dividends and half-taxed capital gains, the type of investment income that you earn can greatly impact your after-tax return on a particular investment. The tax consequences will also differ depending on whether or not the investment is held in a registered account. This report will review the tax implications related to the most common forms of investment income and will go through what expenses may be deducted against such income to reduce your taxes payable.